Effects of Financial Constraints on Crash Risk of Future Stock Price in View of the Effects of Abnormal Accruals
Author(s):
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
Objective
This study investigates the effects of financial constraints on the crash risk of future stock price in the years 2010 to 2017, considering the effects of abnormal accruals. Methods
The data was collected by documentations review method and referring to databases, and was analyzed by Stata and Eviews software. Panel data model was applied to test the research hypotheses. Results
The test results showed that the financing constraints increase the likelihood of crash risk of future stock price. In addition, the findings of the research indicated that the positive impact of the financial constraints on crash risk of future stock price will be exacerbated by the effect of the accruals Conclusion
In the companies with financial constraints, the possibility of accumulation and hiding bad news by manager in search for financial resources will increase. Also earnings management and bad news hiding by managers will go on by the use of the accruals.Keywords:
Language:
Persian
Published:
Journal of Accounting Knowledge, Volume:10 Issue: 36, 2019
Pages:
67 to 90
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